Market Chatter: Sunac Seeks Compensation for Botched Dalian Wanda Deal

MT Newswires Live12-20

Sunac is seeking 9.5 billion yuan in compensation from share repurchase fees from Wanda Group after an alleged breach of a 2018 investment deal, Chinese digital newspaper The Paper reported Thursday, citing people familiar with the matter.

China International Economic and Trade Arbitration Commission is hearing the case on the botched deal involving subsidiary Dalian Wanda Commercial Management Group, which Sunac, Suning.com (SHE:002024), Tencent (HKG:0700), and JD.com (HKG:9618) invested 34 billion yuan in, the report said.

The investors poured in 34 billion yuan in exchange for a 14% stake and for Dalian Wanda Commercial to get listed on an unspecified bourse before Oct. 31, 2023, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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